Stablecoin Liquidity Depth Score
· Updated daily at 15:40 UTC
As of Aug 2026, the stablecoin market aggregate Liquidity Depth Score stands at 4.71. The Liquidity Depth Score (L = Volume ÷ √Market Cap) normalizes 24-hour trading volume by the square root of market cap, isolating market depth from the size effect. A $200B coin doing $100B daily volume is less impressive than a $5B coin doing the same. High LDS signals proportionally deep order book activity, the stablecoin actively circulates through multiple venues. Low LDS signals thin liquidity relative to outstanding supply. Inspired by the Amihud (2002) market impact framework, LDS is a size-adjusted measure of market depth that raw velocity cannot capture. This metric is updated daily.
Aggregate Stablecoin Liquidity Depth Score
Total daily volume ÷ √Total market cap, smoothed with a 7-day rolling average. Rising LDS is consistent with improving market depth per unit of supply. Declining LDS is consistent with supply growing faster than active trading volume; LDS is a volume-to-market-cap proxy and should not be read as evidence of executable order-book depth without OTC and slippage data.
Liquidity Depth by Coin, Top 5 (7-day avg)
Daily LDS for USDT, USDC, DAI, FDUSD, and PYUSD.
LDS Ranking, Latest Data
Current Liquidity Depth Score for tracked stablecoins, sorted by score. Green = deep liquidity (L>5.0). Amber = adequate (L 2.0–5.0). Blue = thin (<2.0).
Volume is high relative to market cap size, consistent with active trading across multiple venues.
For enterprise: Volume levels consistent with large-flow settlement activity. For policymakers: Strong monetary function signal, supply is actively circulating, not hoarded.
Mixed depth, sufficient for most institutional use cases but with potential venue concentration risk. Check whether volume is distributed across exchanges or concentrated in one platform before large flows.
For enterprise: Functional for standard treasury operations; check venue-level depth before large flows. For policymakers: Monitor venue concentration alongside this metric.
Volume is thin relative to outstanding supply. Typical for yield-bearing tokens with large collateral holdings and minimal active trading.
For enterprise: High execution risk, verify order book depth before large transfers. For policymakers: These coins function as collateral instruments, not payment rails.
Formula: Li = (Volume_24hi ÷ 10⁹) ÷ √(Market_Capi ÷ 10⁹) per coin, per day. Aggregate LDS = (Σ Volume_24h) ÷ √Total Market Cap, both in billions USD. Displayed values use a 7-day rolling average to reduce daily noise.
Updated daily. See the methodology for data sources and coverage.
Theoretical basis: The square-root scaling reflects the Amihud (2002) market impact framework, where price impact scales approximately with √(order size / market depth). LDS therefore measures order book resilience relative to a coin's supply footprint, providing a size-adjusted liquidity signal that raw velocity cannot capture.
Limitation: Volume data reflects reported 24h exchange volume, which may include wash trading. LDS may be inflated for coins with high wash-trade volume on certain exchanges. On-chain volume (transfer volume only) would be a more precise measure and is planned for a future version.